Software is eating the auto insurance Connected Insurance represents a new paradigm for the insurance business, an approach that fits with the mainstream Gen C, where “C” means connectivity. This novel insurance approach is based on the use of sensors that collect and send data related to the status of an insured risk and on data usage along the insurance value chain.
How can big insurers, new tech-focused players work together? WINNIPEG — While traditional insurance companies and some of the disruptors coming on the scene would presumably be fierce competitors, there’s lots of room for them to work together, participants at the Canadian Pension and Benefits Institute’s national forum heard. “The insurance companies are late bloomers when it comes to the digital world,” said Lisa Callaghan, vice-president of strategy, marketing and communications at Manulife Financial Corp., during a session on group benefits and technology platforms at the event in Winnipeg on Tuesday.
Car insurance: 5 bits of tech that could save you money In a climate of ever-increasing car insurance premiums, motorists are turning to technology to slash their costs. Tech is a grumble for many drivers but if, you use it in the right way, it could save you quite a bit of money on your car insurance. They’re simple to put in motion too. From dashcams to parking sensors, find out more about the innovative devices that could slash your costs.
IBM helps launch insurance chatbot This story was delivered to BI Intelligence "Fintech Briefing" subscribers. To learn more and subscribe, please click here. The banking industry has been holding the lead in chatbot technology adoption, but the insurance market may be trying to catch up. Singaporean insurtech PolicyPal on Wednesday announced the launch of its AI-enabled chatbot, powered by IBM Watson Conversation, on its mobile app.
CSIO Announces Industry Solution for Digital Delivery of Proof of Auto Insurance Cards Toronto – The Centre for Study of Insurance Operations (CSIO) was pleased to announce an industry solution for the digital delivery of proof of auto insurance cards, or eSlips, at Gore Mutual Insurance Company’s Fast Forward broker event held on June 6 in Toronto. Gore Mutual, Northbridge Insurance, RSA Canada and a number of brokerages have expressed their support for an industry solution for the simple, universal delivery of eSlips to consumers across all jurisdictions.
Wearable Technology Is Impacting Insurance Markets As fitness monitors and other telematic devices grow in consumer use and acceptance, they are bringing with them major changes in the ways insurance—including property and casualty insurance—is bought and sold. Quadrant Information Services discusses the revolution this technology is bringing to the industry.
MarketScout targets InsurTech & MGA facility expansion Texas based insurance exchange and managing general agent MarketScout has sold its $100 million workers compensation MGA and will use the proceeds to fund a change in strategy, as it switches its focus to Insurtech and MGA facilities. MarketScout owns the successful MarketScout Exchange, where it connects agents with insurers and now wants to leverage technologies alongside MGA facilities to reach out to capacity providers looking to access specialty business that it can introduce them to.
The rise of InsurTech In recent years, InsurTech has acted as an increasingly disruptive influence in the insurance sector, using technology and innovation to improve the efficiency of existing transactions and processes and to enhance customer experience, writes Georgina Perrott of Birketts LLP. InsurTech currently sits under the wider umbrella of FinTech, although the recent increase in the focus on InsurTech is leading to it becoming an industry sector in its own right.
Insurtech start-up Tractable raises $8m in Series A Tractable, an insurtech start-up that specialises in computer vision, has completed an $8m Series A funding round, led by Ignition Partners, Zetta Venture Partners, and a host of insurance industry leaders. Founded by Alex Dalyac, Razvan Ranca and Adrien Cohen in 2015, Tractable creates a proprietary AI algorithm that attempts to learn and preform visual tasks in the same way a human would – helping businesses streamline certain manual tasks.
Babies born today may never need to learn to drive, says Axa UK chief The boss of an insurance giant has warned that the sector will soon be completely disrupted by self-driving cars, with those born this year likely to never need a driving lesson. Research is so fast-moving that self-driving vehicles could hit the roads within 15 years, Axa UK's chief executive Amanda Blanc has predicted, meaning "babies born today may never have to take a driving test."